please answer with correct and detailed calculations and explanations. make sure supporting statements are also provided for each step and calculation.

On December 31. 2024, Skysong Corporation signed a 5-year. non-cancelable lease for a machine. The terms of the lease called for Skysong to make annual payments of $8.476 at the beginning of each year, starting December 31, 2024. The machine has an estimated useful life of 6 years and a $5,200 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Skysong uses the straight-line method of depreciation for all of its plant assets. Skysong's incremental borrowing rate is 11%, and the lessor's implicit rate is unknown.Compute the present value of the lease payments. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to O decimal places e.g. 5,275) Present value of the lease payments